Gov't caps mortgage loan

[Anchor]

To curb soaring housing prices, the government has introduced a set of strong measures.

In the metropolitan area, regardless of the house price, housing mortgage loans are limited to a maximum of 600 million won, and the purchased property must be occupied within six months.

These measures will take effect tomorrow (Jun. 28).

Let's take a look at the key points of the new policy and the potential impact on the market from various angles.

First, we have reporter Park Chan.

[Report]

The most notable feature of this measure is the '600 million won limit'.

In the metropolitan area, housing mortgage loans will be capped at a maximum of 600 million won, regardless of the market price of the house.

This is the first time a uniform upper limit has been set for mortgage loans.

It appears to be aimed at high-income individuals looking to purchase expensive homes.

Assuming a 4% interest rate and a 30-year term, if a person with an annual income of 60 million won buys a house worth 1 billion won, the loan limit remains unchanged.

Due to the Debt Service Ratio (DSR), the loan limit is below 600 million won.

On the other hand, assuming an annual income of 200 million won and a house worth 2 billion won, the loan limit amounts to less than half.

[Yang Ji-young/Specialist at Shinhan Premier Pathfinder: "Considering that the median price of apartments in Seoul is around 1 billion won, it seems that the limit of 600 million won was set to enable actual homebuyers to secure housing while blocking speculative loans..."]

Currently, if you purchase a home using the policy loan known as the 'Didimdol Loan', you must move in within one month. This requirement for actual residence will be extended to all housing mortgage loans.

You must move in within six months from the date of loan execution.

The loan-to-value ratio for first-time homebuyers will be lowered to 70%, and housing mortgage loans with a term exceeding 30 years will also be prohibited in the metropolitan area.

In a situation where the government has drawn the line on controlling house prices through taxes, it appears they have determined that strict loan regulations are the most effective measure.

[Jin Sung-jun/Chairman of the Democratic Party's Policy Committee/Yesterday: "The backlash resulting from the failure to promptly normalize loan management regulations and allowing them to remain lax..."]

The strengthened mortgage loan regulations will take effect tomorrow (Jun. 28).

Only those who have paid the down payment and completed loan applications with banks by today (Jun. 27) will be subject to the previous regulations.

This is KBS News, Park Chan.